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Leadership Insights: Finding Balance in Savings

Leadership Insights: Finding Balance in Savings

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A Message from Chief Financial Officer, Chris Cooper

You know how some people never forget their first car? Well, I remember when I first fell in love with finance.

It was 1972 and Hurricane Agnes had just ravaged the East Coast. I learned the federal government was offering loans at 1% to borrow for home repairs. I strongly encouraged my parents to borrow the maximum amount.

They didn't take me seriously, maybe because I was eight years old.

Ever since then, I've loved finance. Understanding economic trends and what they mean for the bottom line is part of my role as Apple Federal Credit Union's Chief Financial Officer. My job is to look out for our members by caring for our credit union's financial health.

This is the time of year when people are thinking about their own finances. Tax season is in full swing, with the federal tax deadline later this month. Maybe you're thinking about what to do with your return or your financial plans for 2024?

Apple FCU offers an array of products and solutions to meet our members' needs. Every individual is different; our job is to make sure your money is helping to improve your life and fulfill your dreams.

Long-Term Planning

Did you know the average tax refund for the 2022 tax year was $2,753? A refund check can help jumpstart savings. In fact, more than 40% of Americans said they plan to use their tax refund for savings or debt payment, according to a CNBC article.

Apple FCU has a variety of Certificates that can assist with guaranteed savings. A Certificate is an account through which you can earn dividends by agreeing to deposit your money for a specified period of time.

When I started working for Apple, members had to deposit a minimum of $10,000 to open a Certificate. Today, we offer minimum deposits ranging from $500 to as low as $50 for our Starter Certificate. Over the past two years, we've seen rates on Certificates rise to levels not seen since the mid-2000s.

If you are looking for a product that allows access to your funds, consider Apple's 11-Month No Penalty Certificate. The No Penalty Certificate earns a dividend over a period of time, while also allowing members the flexibility of a one-time penalty-free withdrawal.

Check out Apple Federal Credit Union’s Certificate offerings if you are interested in learning more about this secure and reliable way to grow your savings.

To me, savings represents opportunity. It's a way of paying yourself first to set up future financial stability. Other savings options at Apple FCU include starting an emergency Savings account or putting money into an IRA. We also have a team of Financial Advisors through CFS* who can meet with you to discuss your investment and retirement needs at no cost.

Apple FCU's expert staff can help you with each of these options, either online, over the phone, through a Video Banking appointment or in person at one of our 21 branches. We would love to work with you at your convenience to set up your financial future.

Finding Balance

It's not always easy to focus on long-term planning, especially during challenging economic circumstances.

According to a recent LendingTree survey, 49% of Americans said they could not cover a $1,000 emergency using only cash or their banking accounts. We live in a fast-moving world that can change in unpredictable ways. Access to money is incredibly important.

At Apple FCU, we've designed our products to make sure they serve your needs, no matter the circumstance.

Apple offers various rewards-earning Apple FCU Visa® Credit Cards for every lifestyle. Our Credit Cards do not charge an annual fee, and some earn points that can be used to get cash back; additionally, our Credit Card rates are regulated and cannot be higher than 18%, which alone can provide savings. With the national average credit card rate at 24.66% according to LendingTree, Apple offers a significant value and competitive advantage.

Every financial situation, just like every individual, is different. For 68 years, Apple Federal Credit Union has helped members by providing personalized products and exceptional customer service to meet their financial needs.

As Chief Financial Officer, I'm deeply invested in making sure our credit union is taking care of the needs of our members. Thank you for letting Apple Federal Credit Union serve your financial needs and for being a member of our credit union.

*Non-deposit investment products and services are offered through CUSO Financial Services, LP ("CUSO Financial") ("CFS"), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. Atria Wealth Solutions, Inc. ("Atria") is not a broker-dealer or Registered Investment Advisor and does not provide investment advice. CFS is a subsidiary of Atria. Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States. CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional.

Federally Insured by NCUA.

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